This is definitely a future development as the two teams won't play until at least the 2015-2016 season, but this should be an interesting game for Michigan. They get to face a relatively local team that has been competitive in recent years. They were a serious threat in the Big East this season and recorded some big wins. Rosters will be difficult to predict so far in advance, but personally, I think this is a more interesting matchup than some of Michigan's recent opponents like Arkansas, who really didn't turn out to be that great.
Some have talked about a recruiting boost from this matchup. I'm not totally sure that a boost will exist, but being featured in a pretty big game will certainly have its boosts. Many of the early season games are forgettable, but this could be one that garners some interest like Michigan's games with Arkansas and West Virginia, which really weren't fantastic matchups. Getting national exposure is always positive for recruiting. In more specific terms, there probably won't be a huge boost. Beilein recruits Ohio pretty often and has landed several players from the Buckeye state, but basketball recruiting is so limited, these games probably won't make a difference.
Personally, this is an interesting game to look forward to in a few seasons, especially because Cincinnati could move around by then considering the recent history of the Big East/American Athletic Conference. There may not be a huge program or recruiting boost, but at least it should provide an early season game that gets fans interested and showing up to Crisler.